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Home / Business / Stock Market News: August 9, 2019

Stock Market News: August 9, 2019



Stocks were lower Friday as trade tensions in the US and China continued to keep investors on edge around the world.

Here were the main features of the market, from the open market:

  • S&P 500 (^ GSPC): -0.28%, or -8.22 points

  • Dow (^ DJI): -0.25 %, or -60.32 points

  • Nasdaq (^ IXIC): -0.45%, or -37.29 points

  • 10-year Treasury yield (^ TNX): 1.8 bps to 1.702% [19659007] Crude oil (CL = F): + 3.14% to $ 54.19 per barrel

<p class = "canvas-atom canvas text Mb (1.0 em) Mb (0) – sm Mt ( 0.8 em) – sm "type =" text "content =" It's been a fierce week for the markets as the trade war, and now currency war, rages between the US and China. People's Bank of China (PBOC) put the yuan's daily fix to 7.0136 per US dollar on Friday. & nbsp; This move was the second time this week & nbsp; that the official reference rate was weaker than 7 and the interest rate was the weakest since April 3, 2008. Still, Friday's yuan rate was still stronger than analysts had expected. "Data-reactid =" 23 "> It's been a violent week for m the arcades, as the trade war, and now the currency war, raged between the US and China. People's Bank of China (PBOC) set the yuan's daily fix at 7.0136 per US dollar on Friday. This move was the second time this week that the official benchmark rate was weaker than 7, and interest rates were the weakest since April 3, 2008. Nevertheless, Friday's yuan rate was still stronger than analysts expected.

The yuan has been on the market's watch radars after the yuan weakened past the key psychological level of $ 7 per dollar on Monday. That sends markets into a frenzy, and stocks posted their worst day in 2019. It's been a choppy trading week as more uncertainty is pumped into the market.

<p class = "canvas atom canvas text Mb (1.0 em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Meanwhile, crude oil is also in focus after the International Energy Agency (IEA) reported on Friday that & nbsp; demand growth is at its lowest level in over a decade the agency noted that global oil demand growth during the first half of this year Since China was the single most important source of growth, the IEA lowered its global demand forecast to 1.1 million barrels per day for 2019 and 1.3 million barrels per day for 2020. "data-reactid =" 25 "> I Meanwhile, crude oil is also in focus after the International Energy Agency (IEA) reported on Friday that demand growth is at its lowest level in over ten years. The agency noted that global oil demand growth in the first half of this year was the slowest since the financial crisis. When China was the single most important source of growth, the IEA lowered its global demand forecast to 1.1 million barrels per day for 2019 and 1.3 million barrels per day for 2020.

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt ( 0.8 em) – sm "type =" text "content =" Huawei grabs investors' attention after announcing that it & nbsp; launched its own operating system & nbsp; called HongmengOS, or HarmonyOS in English Huawei's Consumer Division CEO Richard Yu announced the announcement at the Huawei Developer Conference. te new operating system allows Huawei to be less dependent on Google's ( GOOGL ) Android. Google's parent company, Alphabet, was lower in early trade. "Data-reactid =" 37 "> Huawei grabs investors' attention after announcing the launch of its own operating system called HongmengOS, or HarmonyOS in English. Huawei's Consumer Division CEO Richard Yu announced under Huawei Developer Conference. This new operating system will make Huawei less dependent on Google's (GOOGL) Android. Google's parent company, Alphabet, was the stock lower in early trade.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Investors also keep an eye on ride-sharing companies Uber ( UBER ) and Lyft ( LYFT ). & Nbsp; Uber's weaker-than-expected second quarter revenue & nbsp; sent the stock tumbling nearly 10% in early trading. Adjusted sales were worse than analysts expected, and Uber reported a shocking net loss of $ 5.24 billion in the second quarter. It was Uber's largest quarterly net loss ever. Uber's report comes on the heels of & nbsp; Lifted much better results than expected . Gross bookings in the second quarter also fell below expectations of $ 15.76 billion. Analysts expected $ 15.83 billion in gross bookings. Uber posted an adjusted EBITDA loss of $ 656 million, down 25% from the previous quarter. "Data-reactid =" 38 "> Investors are also keeping an eye on ride-sharing companies Uber (UBER) and Lyft (LYFT). Uber's weaker-than-expected performance in the second quarter sent the stock tumbling nearly 10% in early trading. Adjusted sales were worse than analysts were expecting, and Uber reported a shocking loss of $ 5.24 billion in the second quarter, which was Uber's largest quarterly net loss ever, Uber's report comes on the heels of Lyft's much better than expected results. $ 15.76 billion, analysts expected $ 15.83 billion in gross bookings, a 25% decrease from the previous quarter.

<p class = "canvas-atom canvas-text Mb (1 , 0 em) Mb (0) – sm Mt (0.8 em) – sm "type =" text "content =" "Our platform strategy continues to deliver strong results, with Trips up 35% and Gross bookings increasing by 37% in constant currency, compared to the second quarter of last year, ”he said CEO Dara Khosrowshahi & nbsp; in a statement . "In July, the Uber platform reached over 100 million monthly active platform consumers for the first time, as we become an increasingly integrated part of everyday life in cities around the world." "Data-reactid =" 39 ">" Our platform strategy continues to deliver strong results, with Trips up 35% and Gross Bookings up 37% in constant currency, compared to the second quarter of last year, "CEO Dara Khosrowshahi said in a statement. " In July, the Uber platform reached over 100 million monthly active platform consumers for the first time, as we become an increasingly integrated part of everyday life in cities around the world. ”

Uber expects between $ 65 and $ 67 billion in gross bookings this year and expects adjusted EBITDA losses between $ 3.2 and $ 3 billion. The company did not provide an adjusted net income forecast. Khosrowshahi also noted that Uber would increase its market spending despite having recently cut 400 employees in the market. The question among investors remains whether or not Uber can continue its growth, while trying to achieve profitability or not.

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<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – cm Mt (0.8 cm) – sm" type = "text "content =" Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung . "data-reactid =" 42 "> Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung [19659018].

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " More from Heidi: "data-reactid =" 43 "> More from Heidi:

<p class =" canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8 em) – sm " type = "text" content = " Read the latest financial and business news from Yahoo Finance " data-reactid = "48"> Read the latest financial and business news from Yahoo Finance

<p class = "canvas -atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm "type =" text "content =" Follow Yahoo Finance on [19659023] Twitter Facebook Instagram Flipboard LinkedIn and [19659026] reddit . "data-reactid =" 49 "> Follow Yahoo Finance on Twitter [19659033] Facebook Instagram Flipboard LinkedIn and reddit [19659037].


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